Robert Stanford, the Texas billionaire accused of what a federal official told the Houston Chronicle is a banking “fraud of shocking magnitude,” was a generous man when it came to political campaign contributions.
And some of Fort Bend County’s congressional representatives benefited from that generosity.
As noted in the blogosphere, including here, even before the SEC and U.S. Marshals swooped in on Stanford Financial Group in Houston Tuesday morning, Republican Texas Sen. John Cornyn and his wife made what his spokesman called a “fact-finding trip” to Antigua on Stanford’s dime in November 2004.
The cost of the four-day trip was $7,441, according to federal campaign finance records. Stanford has a bank in the island nation, where he was knighted by the prime minister.
Cornyn and freshman District 22 Congressman Pete Olson, R-Sugar Land, each were among the top 10 congressional benefactors of political contributions made by either Stanford Financial Group employees or the company’s PAC, according to a list compiled by the Center for Responsive Politics.
According to those figures, compiled from Federal Election Commission reports, Cornyn has received a total of $19,700 from Stanford Financial Group, while Olson has received $14,500, all of it in the 2008 election cycle. Olson’s office couldn’t immediately be reached for comment Wednesday morning.
Olson’s opponent, then-Democratic incumbent congressman Nick Lampson, didn’t receive any Stanford contributions. But Stanford Group gave heavily to both sides of the aisle, and the largest recipient of the company’s contributions was a Democrat, Florida Sen. Bill Nelson, who received $45,900. Second on the list was U.S. Rep. Pete Sessions, R-Dallas, who received $41,375 from Stanford generosity.
In 2008 the Houston company’s political campaign spending totaled $2.2 million, the Center for Responsive Politics reported. Since 1999 it has spend $4.8 million on political lobbying, “primarily on issues related to money laundering, financial services and banking.”
According to a lawsuit filed by the SEC, Stanford International Bank of Antigua sold $8 billion in uninsured certificates of deposit offering rates of return approaching twice that offered by most U.S. banks. The suit accuses Stanford and two associates of misrepresenting the safety and liquidity of the CDs, which were sold through Stanford Group and another Houston company, Stanford Capital Management.
In the suit, the SEC says it has been unable to account for $8 billion in assets supposedly housed in the Antigua bank.
Also unaccounted for since the filing of the suit is Stanford himself, who reportedly has numerous homes in and around the Caribbean.
President? Weren’t you the one on your soapbox preaching about
“look over there”? Hmmm.
But why do I even waste my time? Bash away, keyboard warrior. Bash away. haha
Really, Pete has barely started and you are already trying to make him look like a bad guy.
Hmmmm… Where was this line of thought when you began criticizing the President.
And yes, exercising my democratic rights to freedom of speech and criticizing the policies and the politics of men whose salaries I pay does make me feel good. So does exposing the hypocrisy of all of your right-wing ranting comments.
The point was, the article was focused on the Representatives from MY HOME TOWN. I don’t support anyone taking this scumbag’s money, but most especially MY OWN ELECTED OFFICIALS. That’s what you fail to understand. This is Fort Bend Now. We are talking about the Ft. Bend Reps. But hey, look over there! Maybe we’ll forget about the corrupt representatives from our hometown if you can sufficiently muddle the argument.
“My name is MegaBitter, and I have scoliosis.”
Have you taken the time to go look at the contribution list yet? No? Too busy trying to sling mud at the Repubs?
yada yada yada
blah blah blah
You should really trying waiting to hear both sides of the story before going off on one of your self righteous rants.
I see you are still trying to make Pete look like a bad guy.
Does it make you feel better about yourself or what? He
barely started and already you’ve got to try and drag his name through the mud. Why? Low self esteem?
“My codename is Megabyte. My mission, to deny in the face of overwhelming evidence that some Republicans may be corrupt. My destiny, to end up defending corrupt politicians like Tom Delay and to rail against Democrats at every opportunity.”
Sounds silly when you think of it that way, doesn’t it?
Seriously, I read this site consistently, and Mega, you must have scoliosis from bending and breaking to defend the R’s. I would say that there is a problem taking a “fact-finding” trip to the Caribbean on this guys dime while pushing for continued deregulation. Cornyn did this, and brought his wife. I doubt that Stanford takes people unless they expect something in return. And who was Cornyn’s top staffer, the man who should have chimed in and told his boss that this was a bad idea and it stinks of bought-and-paid-for influence…..wait….it’s coming…..that’s right…….PETE OLSON!
I love people who avoid confronting an issue, by saying “look over there, there are other people doing the same thing.” I wonder how many criminals make that excuse when they get caught.
Money talks with campaign contribution for work tobe done legal or not..
Same thing for the Democrats.
The real power players in the Republican party should be shaking in their boots. New AG Holder will not be nice. Let the games begin. The free market at work.
WASHINGTON (CNN) — Switzerland’s largest bank, UBS, has admitted helping U.S. taxpayers hide money from the IRS, and has agreed to pay $780 million in fines and restitution, and to turn over account information.
The deferred prosecution agreement was approved Wednesday by a federal court judge in Fort Lauderdale, Fla.
“UBS admitted to conspiring to defraud the United States by impeding the IRS,” the Justice Department announced late Wednesday.
The statement says that UBS, “in an unprecedented move” based on an order by Swiss authorities, has agreed “to immediately provide the U.S. government with the identities of, and account information for, certain U.S. customers of UBS’s cross-border business.”
UBS (UBS) also has agreed to end its business practice of providing banking services to U.S. customers with undeclared accounts.
“Swiss bankers routinely traveled to the United States to market Swiss bank secrecy to United States clients interested in attempting to evade U.S. income taxes,” the Justice Department said.
The government document says Swiss bankers made a total of about 3,800 trips to discuss their clients’ accounts.
The government said that because the bank has acknowledged responsibility for its actions, has cooperated fully, and has taken remedial actions, the United States will recommend dismissal of the criminal charge “provided the bank fully carries out its obligations under the agreement.”
Two former UBS bankers have pleaded guilty to charges of conspiracy for similar conduct.
The acting head of the Justice Department Tax Division called Wednesday’s agreement “but one milestone” in the effort to make sure U.S. citizens pay their fair share of taxes.
“The veil of secrecy has been pulled aside, and we will continue to aggressively pursue those who shirk their federal tax obligations, or assist others in doing so,” said John DiCicco, acting assistant attorney general for the Justice Department Tax Division.
IRS Commissioner Doug Shulman issued a warning to the taxpayers who held the accounts, telling them to voluntarily pay up.
Shulman said the taxpayers should note that Wednesday’s agreement also stipulates that the U.S. government will continue to seek enforcement of its court action.
“People who have hidden unreported income off shore need to get right with their government. They should come forward and take advantage of our voluntary disclosure process,” Shulman said.
If you go look a the list of recipients you’ll notice there are more D’s than R’s…
Republican Texas Sen. John Cornyn and his wife made what his spokesman called a “fact-finding trip” to Antigua on Stanford’s dime in November 2004.
Cornyn and freshman District 22 Congressman Pete Olson, R-Sugar Land, each were among the top 10 congressional benefactors of political contributions made by either Stanford Financial Group employees or the company’s PAC, according to a list compiled by the Center for Responsive Politics.
According to those figures, compiled from Federal Election Commission reports, Cornyn has received a total of $19,700 from Stanford Financial Group, while Olson has received $14,500, all of it in the 2008 election cycle. Olson’s office couldn’t immediately be reached for comment Wednesday morning.
Hmmm…. go figure… maybe some of these Houston “R”s that are getting swindled will rethink their positions on
regulation and oversight of the financial services industry. Free market? lassaiz faire? let the buyer beware? How about getting hosed wsith the help of your local Republican legislator?!